Envestnet Asset Management Inc. Has $66.91 Million Stock Holdings in Brown & Brown, Inc. $BRO

Envestnet Asset Management Inc. lowered its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 3.8% in the third quarter, HoldingsChannel reports. The fund owned 713,444 shares of the financial services provider’s stock after selling 27,851 shares during the period. Envestnet Asset Management Inc.’s holdings in Brown & Brown were worth $66,914,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in BRO. Vanguard Group Inc. boosted its holdings in Brown & Brown by 16.8% during the second quarter. Vanguard Group Inc. now owns 35,625,322 shares of the financial services provider’s stock worth $3,949,779,000 after purchasing an additional 5,124,203 shares during the last quarter. Norges Bank acquired a new stake in Brown & Brown in the 2nd quarter valued at $433,740,000. Principal Financial Group Inc. lifted its position in Brown & Brown by 13.4% during the 3rd quarter. Principal Financial Group Inc. now owns 15,416,190 shares of the financial services provider’s stock worth $1,445,888,000 after buying an additional 1,821,229 shares in the last quarter. Boston Partners acquired a new position in shares of Brown & Brown during the 2nd quarter worth about $171,163,000. Finally, State Street Corp grew its holdings in shares of Brown & Brown by 11.3% in the 2nd quarter. State Street Corp now owns 12,460,821 shares of the financial services provider’s stock valued at $1,381,531,000 after acquiring an additional 1,262,139 shares in the last quarter. 71.01% of the stock is owned by institutional investors.

Brown & Brown Trading Up 1.6%

Shares of BRO stock opened at $73.87 on Monday. Brown & Brown, Inc. has a 12-month low of $70.45 and a 12-month high of $125.68. The company has a market capitalization of $25.22 billion, a PE ratio of 23.08, a price-to-earnings-growth ratio of 2.23 and a beta of 0.79. The firm has a 50 day moving average price of $78.53 and a two-hundred day moving average price of $86.07. The company has a quick ratio of 2.10, a current ratio of 1.67 and a debt-to-equity ratio of 0.55.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, January 26th. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.02. The business had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.65 billion. Brown & Brown had a return on equity of 12.93% and a net margin of 17.84%.The firm’s revenue for the quarter was up 35.7% compared to the same quarter last year. During the same period last year, the firm posted $0.86 EPS. As a group, analysts predict that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 11th. Investors of record on Wednesday, February 4th will be paid a $0.165 dividend. The ex-dividend date is Wednesday, February 4th. This represents a $0.66 annualized dividend and a dividend yield of 0.9%. Brown & Brown’s dividend payout ratio is 20.63%.

Wall Street Analysts Forecast Growth

BRO has been the topic of several analyst reports. Morgan Stanley dropped their target price on Brown & Brown from $85.00 to $78.00 and set an “equal weight” rating on the stock in a report on Thursday, January 29th. Jefferies Financial Group lowered their price target on Brown & Brown from $89.00 to $84.00 and set a “hold” rating on the stock in a research report on Wednesday, January 28th. Mizuho cut their price objective on Brown & Brown from $90.00 to $84.00 and set a “neutral” rating for the company in a report on Wednesday, January 28th. BMO Capital Markets decreased their target price on shares of Brown & Brown from $88.00 to $81.00 and set a “market perform” rating for the company in a research note on Thursday, January 29th. Finally, Bank of America dropped their price target on shares of Brown & Brown from $94.00 to $90.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 27th. Three equities research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $90.64.

Brown & Brown Company Profile

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.